The $40,000 electric vehicle business tax credit may be easy to get


Electric buses at a charging station.

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Plus, the tax credit for bigger trucks is worth more money — up to $40,000 in contrast to the $7,500 maximum for passenger cars and smaller commercial electrics.

“I think it’s going to be a lot more straightforward and easy to take advantage of than the light-duty-vehicle tax credit,” Ingrid Malmgren, policy director at Plug In America, said of the tax credit for commercial EVs. “It’s really a great opportunity for business owners to reduce emissions in a cost-effective way.”

Business owners can get the tax credit for new vehicles purchased on or after Jan. 1, 2023. It’s available for 10 years, through the end of 2032.



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